“Markets moved quite dramatically after the ECB announcement [on Aug. 2]and Spanish and Italian yields have fallen substantially. We will probably see these events repeated next month, with the ECB fleshing out how it will be buying bonds and with speculation that the Fed will extend stimulus measures,” Ashley added.

Currently, the equities markets are waiting on the Fed, but “if you were reading between the lines of Bernanke’s speech, there were heavy hints that the Fed will do [a third round of quantitative easing],” Ashley said.

Along with European stocks, the euro currency has also appreciated against the U.S. dollar. The CurrencyShares Euro Trust (NYSEArca: FXE) gained 2.0% over the past month.